Prime Lending definition

Prime Lending rate shall mean the rate appearing in the Wall Street Journal on the fifteenth day (or the next succeeding publication day) of the month preceding the date on which any payment is due to Lessor, which prime lending rate shall be adjusted on the fifteenth day of each succeeding month.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Prime Lending. RATE" for any day as regards any Lender means the greater of (i) the simple average of the rates of interest expressed as a percentage per annum which each of the Reference Lenders establishes at its head office as the reference rate of interest in order to determine interest rates it will charge on that day for demand loans in Canadian funds to its Canadian customers and which it refers to as its "prime lending rate" or "prime rate" and (ii) the sum of (A) the rate quoted by the Agent for 30-day Canadian dollar bankers' acceptances that appear on the Reuters Screen CDOR Page as of 10:00 a.m. (Toronto time) on the date of determination plus (B) 3/4 of 1% per annum. The Prime Lending Rate as set out in item (i) as regards any Lender shall be determined by the Agent on the basis of the applicable quotations furnished to and received by the Agent from the Reference Lenders from time to time. For the purposes hereof, upon any change in the "prime lending rate" or "prime rate" of any of the Reference Lenders, such Reference Lender shall as soon as practicable thereafter advise the Agent as to its Prime Lending Rate as at the date of such change by telephone, telex, telegram, cable or telecopier, which advice shall be conclusive and binding for all purposes absent manifest error. If any one or more of the Reference Lenders does not furnish a quotation of its Prime Lending Rate to the Agent at any time after it has changed from the previous quotation of such Prime Lending Rate received by the Agent, the Prime Lending Rate applicable to such Reference Lender shall be the previous quotation unless the Agent has actual notice of the Prime Lending Rate of any such Lender, in which event that rate shall be applied. The Agent shall give notice to the Borrower and the Lenders of the Prime Lending Rate from time to time quoted to it and such notice shall be conclusive and binding for all purposes absent manifest error.

Prime Lending. Rate shall mean the variable rate of interest per annum, calculated on the basis of a calendar year and for the actual number of days elapsed, equal to the rate of interest determined by the Lender from time to time as its prime rate for Canadian dollar commercial loans in Canada from time to time, being a variable per annum reference rate of interest adjusted automatically upon change by the Lender.

Examples of Prime Lending in a sentence

All calculation of Rent payable hereunder shall be computed based on the actual number of days elapsed over a year of three hundred sixty (360) days or, to the extent such Rent is based on the Prime Lending Rate, three hundred sixty-five (365) (or three hundred sixty-six (366), as applicable) days.
In such event the Allottee shall be liable to pay to the Promoter, interest at the rate of State Bank of India Prime Lending Rate plus 2% (two percent) per annum, as prescribed in the Rules on all unpaid amounts from the date the amount is payable by the Allottee.
In such event the Allottees shall be liable to pay to the Developer, interest at the rate of State Bank of India Prime Lending Rate plus 2% (two percent) per annum, as prescribed in the Rules on all unpaid amounts from the date the amount is payable by the Allottees.
In such event the Allottee shall be liable to pay to the Promoter, interest at the rate of Prime Lending Rate of the State Bank of India plus 2% (two percent) per annum, as prescribed in the Rules on all unpaid amounts from the date the amount is payable by the Allottee.
The rate hereunder shall change each day the Prime Lending Rate changes.
To recover all sums already paid by the BUYER, and in case of an Indian BIDDER with interest thereon at 2% higher than the prevailing Prime Lending Rate of State Bank of India, while in case of a BIDDER from a country other than India with interest thereon at 2%, higher than the LIBOR.
In such event the Allottee shall be liable to pay to the Developer, interest at the rate of State Bank of India Prime Lending Rate plus 2% (two percent) per annum, as prescribed in the Rules on all unpaid amounts from the date the amount is payable by the Allottee.
To recover all sums already paid by the BUYER, and in case of an Indian BIDDER with interest thereon at 2% higher than the prevailing Prime Lending Rate of State Bank of India, while in case of a BIDDER from a country other than India with interest thereon at 2% higher than the UBOR.
If any Lender fails to make available to the Agent the amount of such Lender's participation, the Issuing Bank shall be entitled to recover such amount on demand from such Lender together with interest at the Federal Funds Rate for the first three Business Days and thereafter at the Prime Lending Rate.
To recover all sums already paid by the BUYER, and in case of an Indian BIDDER with interest thereon at 2% higher than the prevailing Prime Lending Rate of State Bank of India, while in case of a BIDDER from a country other than India with interest thereon at 2% higher than the LIBOR.

More Definitions of Prime Lending

Prime Lending. RATE shall mean the highest "prime rate" of interest ------------------ reported, from time to time, by The Wall Street Journal; provided, however, that ----------------------- -------- ------- in the event that The Wall Street Journal ceases reporting a "prime rate", the ----------------------- "Prime Rate" shall be determined from a comparable index chosen by the Agent in good faith. The "Prime Rate" shall change effective on the date of the publication of any change in the applicable index by which such "Prime Rate" is determined.

Prime Lending. Rate shall mean the rate which Bankers Trust Company ------------------ publicly announces in New York City from time to time as its prime lending rate, as in effect from time to time. The Prime Lending Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. Bankers Trust Company may make commercial loans or other loans at rates of interest at, above or below the Prime Lending Rate. Proportionate Share shall mean, with respect to any Lender, a fraction ------------------- (expressed as a percentage), the numerator of which shall be the amount of such Lender's Commitment and the denominator of which shall be the Total Commitments or, if the Commitments are terminated, a fraction the numerator of which shall be the amount of such Lender's Revolving Loans and the denominator of which shall be the aggregate amount of then outstanding Revolving Loans of all the Lenders. RCRA shall mean the Resources Conservation and Recovery Act, as ---- amended, 42 U.S.C. (S) 6901 et seq. -- ---- Real Property of any Person shall mean all of the right, title and ------------- interest of such Person in and to land, improvements and fixtures, including leaseholds. Recovery Event shall mean the receipt by Holding or any of its -------------- Subsidiaries of any (i) cash insurance proceeds payable (x) by reason of theft, loss, physical destruction or damage or any other similar event with respect to any property or assets of Holding or any of its Subsidiaries and (y) under any policy of insurance required to be maintained under Section 7.10 or (ii) condemnation award payable by reason of eminent domain or deed in lieu thereof. Regulation D shall mean Regulation D of the Board of Governors of the ------------ Federal Reserve System as from time to time in effect and any successor thereto. Regulation U shall mean Regulation U of the Board of Governors of the ------------ Federal Reserve System as from time to time in effect and any successor thereto.

Prime Lending. RATE shall mean the rate which BTCo publicly announces in New York City from time to time as its prime lending rate, as in effect from time to time. The Prime Lending Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. BTCo may make commercial loans or other loans at rates of interest at, above or below the Prime Lending Rate. PROJECTIONS shall have the meaning provided in Section 5.1(q). PROPORTIONATE SHARE shall mean, with respect to any Lender, a fraction (expressed as a percentage), the numerator of which shall be the amount of such Lender's Commitment and the denominator of which shall be the Total Commitments or, if the Commitments are terminated, a fraction the numerator of which shall be the amount of such Lender's Revolving Loans and the denominator of which shall be the aggregate amount of then outstanding Revolving Loans of all the Lenders.